bitterly disappoined, page-53

Colinchi

If the share price went to 8c lyc would have issued more shares to each applicant. Eg you apply for $15k and get $15k /share price.

Regards patts holding 50m shares that means that patts is "at risk" for their outlay, keys call it $6mil In my experience not the outcome a underwriter takes.

Think about it if there is a shortfall in application $$ then patts has to buy shares at the spp price to make up the shortfall so lyc gets $30m. Pats can either use sub underwriters eg specky ( so sophisticated and insto) or they can short lyc during the pricing period then use the shortfall shares to close out there short hence covering the cash shortfall with no risk